Silicon Motion Technology (NASDAQ:SIMO) Rating Lowered to “Hold” at StockNews.com

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

A number of other brokerages have also recently weighed in on SIMO. Wedbush reissued an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note on Monday, December 23rd. Craig Hallum reduced their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Needham & Company LLC cut their target price on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Susquehanna decreased their price target on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Friday, November 1st. Finally, Roth Mkm cut their price objective on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Silicon Motion Technology has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Performance

SIMO stock traded up $0.21 during trading on Tuesday, reaching $51.06. 402,844 shares of the company were exchanged, compared to its average volume of 304,958. The company has a market cap of $1.72 billion, a P/E ratio of 19.34, a PEG ratio of 1.29 and a beta of 0.80. The stock’s 50 day moving average price is $54.60 and its 200 day moving average price is $58.51. Silicon Motion Technology has a 52-week low of $48.81 and a 52-week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.07. The company had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. Silicon Motion Technology’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 earnings per share. As a group, equities research analysts forecast that Silicon Motion Technology will post 2.58 EPS for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

Large investors have recently made changes to their positions in the business. Erste Asset Management GmbH acquired a new position in shares of Silicon Motion Technology during the third quarter worth about $40,331,000. FMR LLC increased its stake in Silicon Motion Technology by 27.7% during the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock worth $136,032,000 after buying an additional 485,862 shares during the period. Reinhart Partners LLC. increased its position in shares of Silicon Motion Technology by 43.3% during the third quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock worth $65,622,000 after acquiring an additional 326,358 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new stake in Silicon Motion Technology during the 3rd quarter valued at approximately $13,211,000. Finally, Lord Abbett & CO. LLC increased its holdings in Silicon Motion Technology by 21.7% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer’s stock worth $67,051,000 after purchasing an additional 196,609 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.